Harbour Sport ANRPT_12_13
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Notes to the Financial Statements - FOR THE YEAR ENDED 30 JUNE 20<strong>13</strong><br />
(vii) Income in Advance<br />
Income has been received during 20<strong>12</strong>/20<strong>13</strong> which relates to events planned for 20<strong>13</strong>/2014. In these cases, the income<br />
has been carried forward for the purpose of matching income against expenditure which is expected to be incurred in the<br />
20<strong>13</strong>/2014 financial year.<br />
Actual<br />
Actual<br />
20<strong>13</strong> 20<strong>12</strong><br />
GACU - Conference and Interest Income 58,382 48,196<br />
GACU – <strong>Sport</strong> NZ / Regional <strong>Sport</strong>s Trusts 279,546 250,317<br />
<strong>Sport</strong> NZ – Kiwisport 636,502 393,185<br />
Kiwisport Partners 31,978 8,500<br />
<strong>Sport</strong> NZ – Other 1,000 1,071<br />
Ministry of Health 0 10,000<br />
Auckland Transport 14,725 10,673<br />
Auckland Council 0 4,290<br />
Waitemata District Health Board 0 25,794<br />
North Shore <strong>Sport</strong>s Trust - Interest 5,485 6,383<br />
Bike on NZ 6,000 0<br />
ASB Bank 83,334 105,500<br />
NZ Community Trust 19,615 3,684<br />
Hands up Fund 3,332 0<br />
Lion Foundation 6,664 0<br />
<strong>Sport</strong> Waitakere 2,052 8,855<br />
Total 1,148,615 876,448<br />
(viii) Long Term Maintenance<br />
During 2000, the Trust developed a cyclical maintenance plan. The Trust accounted for its cyclical maintenance obligations<br />
for the first time in the 2000/2001 Annual Accounts. In accordance with FRS-15, the Trust has identified that it has an<br />
obligation to a third party to maintain its building, that there will be an outflow of resources relating to the maintenance of<br />
the building and that a reliable estimate of that outflow can be made. A review of the plan was conducted by OPUS Building<br />
Consultants in October 2003.<br />
(ix) Leased Assets<br />
Leases under which the Trust assumes substantially all risks and rewards incidental to ownership, have been classified as<br />
finance leases and are capitalised. The asset and the corresponding liability are recorded at inception of the lease at the<br />
lower of the fair value of the leased asset, or at amounts equivalent to the discounted present value of minimum lease<br />
payments including residual values.<br />
Finance charges are apportioned over the terms of the respective leases.<br />
Capitalised leased assets are depreciated over their expected useful lives in accordance with rates established for other<br />
similar assets.<br />
(X) Changes in Accounting Policy<br />
There have been no changes in accounting policies from those adopted in the prior financial year.<br />
2. NORTH SHORE SPORTS TRUST CAPITAL GRANT<br />
In October 1991, the North Shore <strong>Sport</strong>s Trust merged with the <strong>Harbour</strong> <strong>Sport</strong> Trust. A capital sum of $100,000 was<br />
vested with the <strong>Harbour</strong> <strong>Sport</strong> Trust. This capital sum, together with interest income and net funds arising from the Morgan<br />
20<br />
“WHERE TOO MUCH SPORT IS NEVER ENOUGH”
Change language